The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
) At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Tuesday, July 13, 1920, at 11-10 A.M., PRESENT: The Mr. Mr. Er. Governor Moehlenpah Platt Emerson, Assistant Secretary. PRESENT ALSO: Mr. Logan, General Counsel Mr. Angell, Assistant Counsel. Minutes of meeting of the Board held July 8th were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business July 10th, and the status of rediscounts between Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5-1/125 on paper secured by certificates of indebtedness, and 4 on paper se- cured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Richmond July 8th Minneapolis July 12th Richmond Minneapolis Date Noted. With Cleveland Boston Boston Cleveland Amount Maturities $10,000,000 2,500,000 10,000,000 2,500,000 11-15 days tt 61 -2The Governor reported rediscount transactions,pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 7;fc on commercial paper, as follows: Date July 10th July 12th Bank Rediscounting Atlanta Kansas City With Maturities Amount New York $2,100,000 $3,025,045.83 Boston 12-75 days 95-120 days Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5-1/25 on paper secured by certificates of indebtedness, as follows: Bank Rediscountinp; Date July 12th July 9th Atlanta Chicago Atlanta With Cleveland New York New York Amount Maturities 13-14 days $1,262,00 3,500,000 Within 15 days 6-15 days 1,619,000 Noted. The Governor reported rediscount transaction, pursuant ory to authority heretofore vested in him; member bank promiss notes secured by Government obligations: rate 5-1/25 on paper secured by certificates of indebtedness, 5-3M on paper seial cured by Liberty bonds and Victory notes, and 65 on commerc paper, as follows: -3Bank Rediscountilla Date Dallas July 9th Cleveland Maturities Amount With $2,000,000 . Noted. The Governor reported rediscount transaction, pursuant y to authority heretofore vested in him; member bank promissor notes secured by Government obligations: rate 5-1/el on paper secured by certificates of indebtedness; e on paper secured 7 on commercial paper, by Liberty bonds and Victory notes, and 75) as follows: Bank Rediscounttna Date Dallas July 9th Tith New York Amount Maturities $4,000,000 Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5-1/4 On paper secured by certificates of indebtedness, and 5-3M on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date July 12th St. Louis With Amount Cleveland 03,000,000 Maturities Within 15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory 618 -4notes secured by Government obligations: rates similar to those borne by certificates with minimum of 5-l/e0, as follows: Bank Rediscounting Date July 10th Atlanta With New York Amount 01,477,500 Maturities 5-14 days Noted. The Governor reported that the Executive Committee at the request of the Federal Reserve Bank of Chicago had, on July 9th approved, subject to approval by the Board, the following discount rates at that Bank, effective July 10, 1920: 5-3/45 and 6% on discounted bills, including member bank 15 day collateral notes, secured by certificates of indebtedness bearing those rates respectively. Approved. Letter dated July 10th from the Chairman, Federal Rederve Bank of Dallas, recommending approval of the Board of rates on discounted bills, including member bank 15 day collateral notes, secured by certificates of indebtedness bearing same rates as interest rates borne by certificates, with minimum of pr,. Approved. Memorandum dated July 10th by General Counsel with reference to the termination of control of foreign exchange 619 -5transactions with Soviet Russia, and the importation of 'Russian roubles. Ordered circulated. Telegram dated July 13th from the Governor, Federal ture Reserve Bank of Minneapolis, advising that the Legisla in of South Dakota had passed a law providing that all banks that State may charge exchange on checks presented for payment, and prohibiting notary publics from protesting checks when payment is refused at par. Voted that the Governor be authorized to request Governor Young to forward a copy of the law to the Board, and advise him that the Board has no objection to the Minneapolis Bank continuing to handle items drawn on nonmember South Dakota banks, providing that Bank does not assume any undue risk. Applications of the following banks for authority to accept drafts and bills of exchange up to 1005 of their capital and surplus, under the provisions of Section 13: Citizens National Bank, Baltimore, Md. Commercial National Bank, Sherman, Texas. Approved. REPORTS OF COMMITTwiR NO. 1: Dated July 10th, recommending changes in stock at Federal Reserve Banks, as set forth iA the auxiliary minute book as of this date. Approved. 620 -6Dated July 13th, recommending admission of State institutions, as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated July 13th, recommending approval of applications of the following to serve at the same time as officers or directors of the Fourth National Bank, and the Atlanta Savings Bank, both of Atlanta, Georgia: Charles .1. Ryan James D. Robinson Edward C. Peters James W. English W. T. Perkerson Approved. Dated July 1st, recommending approval of appointment of John H. Reddington as Messenger Boy in the Federal Reserve Issue and Redemption Division at ;360 per annum. Approved. Dated July 1st, advising of the assignment of George A. Gailes to clerical duty in the Federal Reserve Issue and Redemption Division, vice Francis H. Styles, Clerk, resigned. Noted. Dated July 1st, advising that the name of Mrs. Emily Waters Thomas, Clerk-Counter, has been dropped from the rolls of the Federal Reserve Issue and Redemption Division as of June 30,1920. Noted. Dated July 9th, recommending approval of the following appointments at the Federal Reserve Bank of New .York, at salaries indicated: i13,500 Harry C. France, 2,400 Phelan, Arthur Approved. 621 -7Dated July 9th, submitting the ployees of the York above the whose services June, 1920. Noted. names and salaries of emFederal Reserve Bank of New grade of $2,400 per annum, were discontinued during Memorandum dated July 9th from the Comptroller of the Currency, recommending changes in designation of employees in the Federal Reserve Issue and Redemption Division; also recommending increase in salaries of certain employees of that Division. Referred to Mr. Moehlenpah and Mr. Platt report at the next regular meeting of the for Board. The Governor reported that in accordance with authority vested in him by the Board under date of April 1, 1920, he had approved the temporary appointment of Mrs. Eunice Crittenden as Stenographer on the staff of the Railway Loan Advisory. Committee to the Board, effective July 14, 1920 at an annual salary of $1,400 plus 1240 annual bonus, with the understanding that Mrs. Crittenden's services may be terminated upon two weeks' notice. Letter dated July 9th from the Assistant Federal Reserve Agent at Cleveland, submitting application of the Cleveland Trust Company, Cleveland, Ohio, to establish a branch at the present location of the Forest City Savilcs & 627 -8Trust Company, corner of Detroit and Vest 25th Street, Cleveland. Approved. At 1.P.M.the meeting adjourned. Assistant Secretary. Approved: Govern°
@FedFRASER